At 95 per cent LTV, there is a five-year fixed with a rate of 3.99 per cent, a 10-year fixed priced at 4.19 per cent and a 15-year fixed priced at 4.39 per cent.
All products have no fee and come with £300 cashback for purchases or £500 for first-time buyers. It offers free valuation and free legals on remortgages.
The products are also portable.
The deals are available on properties with a maximum value of £600,000 and for a maximum term of 30 years. They are eligible on houses, flats and maisonettes.
Virgin warned the products could be withdrawn at a short notice.
The lender also changed criteria on its products at 90 per cent LTV.
The maximum term has increased from 30 to 35 years and the maximum property value has also been lifted from £500,000 to £600,000.
It now also accepts flats and maisonettes but they must be in buildings shorter than four storeys and must not be ex-local authority or Ministry of Defence.
Sarah Green, head of customer acquisition, group mortgages at Virgin Money said: “The mortgage guarantee scheme addresses an important consumer need and Virgin Money’s participation in the scheme demonstrates our commitment to the UK housing market.
“We want to continue to build our support for people’s home ownership ambitions, including those with smaller deposits.”
TSB product changes
TSB has added fee-free two-year fixed first-time buyer and purchase products to its range at 0-85 per cent LTV.
Rates vary from 1.64 per cent at 60 per cent LTV and 2.99 per cent at 80-85 per cent LTV.
It has also introduced two-year fixed, fee-free deals, for remortgages up to 90 per cent LTV including a product priced at 0.99 per cent.
The low rate deal is the 60 per cent LTV remortgage with a £1,495 fee. Otherwise, rates range from 1.69 per cent up to 60 per cent LTV with a £999 fee and 3.64 per cent for a fee-free deal at 85-90 per cent LTV.
Elsewhere, the bank has reduced rates on its two-year fixes across 0-90 per cent LTVs by as much as 15 basis points. Two-year fixed remortgages up to 85 per cent have seen reductions of up to 10 basis points.
Meanwhile, its two and five-year fixed shared equity remortgages have had rates increased by up to 50 basis points.
These are now priced between 1.54 per cent – for the two-year fixed at 60 per cent LTV for the £995 fee-paying product – and 2.39 per cent for the five-year fixed at 60-75 per cent LTV with no fee.